A credit score is a numerical representation of your creditworthiness, which is calculated based on your Credit Information Report (CIR). A CIR is an individual’s credit payment history across different loan types and credit institutions over a period of time. In India, the Credit Information Bureau Limited (CIBIL) is responsible for creating a CIR for each individual. A good CIBIL score, which is another name for credit score in India, can do wonders for your loan applications and hence should be something to watch out for.

As per CIBIL, scores ranging from 700 to 900 is a good Credit Score range, and 900 is considered the best possible score. You should also ensure that the Credit Score calculations are done based on factual data so as to provide a true picture of your credit standing.

As per CIBIL, scores ranging from 700 to 900 is a good Credit Score range, and 900 is considered the best possible score. You should also ensure that the Credit Score calculations are done based on factual data so as to provide a true picture of your credit standing.

CIBIL Score for Personal Loan

Personal loans are mortgages you take to meet your monetary requirements like purchasing a new TV, going on a vacation, etc. The average credit score for getting a personal loan approved would need to be between 650 to 750. To make sure that your credit score stays in the required range, make a concentrated effort to keep your credit transactions in check.

Planning on purchasing a new car? Before you start looking for sources to finance your purchase, ensure that you have an excellent credit score. Generally, lenders look for a credit score of above 700 points before approving your car loan application.

Average Credit Score for Home Loan

Financial service providers are usually the most stringent while approving home loans owing to their burgeoning demand. A good credit score range for home loans would lie somewhere between 750 to 800 points. Banks like Bajaj Finserv offer Home Loans, with benefits that include a low interest rates and processing fee when you apply online.

Now that you have a clear idea about the different credit score requirements for varied types of loans, let’s delve into the credit score calculation process.

In India, there are various factors which influence your credit score such as payment history, outstanding debt, length of credit history, number and types of loan accounts, utilisation, applications for new credit etc. However, it is important to note that each member i.e. Banks, NBFCs etc. (which elect to use the CIBIL Score) has its own benchmark that constitutes a “good” score and this varies from bank to bank.

Once you have a respectable credit score, you can opt for the varied financial services offered by banks and institutions like Bajaj Finserv, these include Personal Loans, Home Loans, Business Loans, Gold Loans, and more.

Terms and Conditions

I declare that all the particulars and information provided by me in this application form are true, correct, complete and up-to-date in all respects and that I have not withheld any information whatsoever.

I confirm that I have/had no insolvency proceedings against me nor have I ever been adjudicated insolvent by any court or other authority and I further confirm that I have read the information on various loan products made available by Bajaj Finance Limited (hereinafter referred to as “Bajaj Finance?) on the Website www.bajajfinserv.in.

I authorize Bajaj Finance to exchange, share all information and details as provided by me in my application and in relation to my existing loans and/or repayment history to any third party including but not limited to its group companies, service providers, banks, financial institutions, credit bureaus, telecommunication companies, statutory bodies, etc. for customer verification, personalization of products or services, credit rating, data enrichment, marketing or promotion of Bajaj Finance services or related products or that of its associates and affiliates or for enforcement of your obligations and I shall not hold Bajaj Finance (or any of its group companies or its/their agents/representatives) liable for the use/sharing of the information as stated above.

I agree and affirm that Bajaj Finance may contact me and communicate with me over telephonic calls, or SMS on the mobile number mentioned in the application, or through any other communication mode (“Communication Modes?) to verify the details provided by me on the application. Further, I confirm that I would like to know through the above mentioned Communication Modes various Bajaj Finance loan offer schemes or loan promotional schemes or any other promotional schemes relating to various products/services offered by BFL/its group companies from time to time and hereby authorize BFL, its group companies, employees, agents, associates to contact me from time to time for the same.

I agree and confirm that laws in relation to the unsolicited communication referred to in the “National Do Not Call Registry? (the “NDNC Registry?) as laid down by the Telecom Regulatory Authority of India will not be applicable for such communication/calls/ SMSs received from BFL, its group companies, its employees, agents and/or associates.

I undertake to keep Bajaj Finance updated of any change in the information provided by me in this application form.

I understand and acknowledge that Bajaj Finance shall have the absolute discretion, without assigning any reason to reject my loan application and that Bajaj Finance shall not be responsible/liable in any manner whatsoever for such rejection.

I further understand and agree that pursuant to this application form, I will be required to submit documents to the satisfaction of Bajaj Finance and accept the loan terms and conditions for availing the loan granted to me by Bajaj Finance from time to time.